Mehul Choksi, the fugitive businessman wanted for defrauding Punjab National Bank (PNB) of approximately 63,000 crore rupees, has once again been denied bail by a Belgian appeals court. Choksi had filed a new bail application on August 22, in which he suggested house arrest. The court rejected his proposal, emphasizing that releasing him would pose a significant risk. This decision reinforces the court’s previous denial of his bail request. The court concurred with the CBI’s arguments that Choksi could potentially flee to another country if granted bail, mirroring his previous actions. The CBI provided the Belgian prosecution with details of Choksi’s continuous attempts to evade legal processes across various jurisdictions to avoid arrest. Consequently, Indian agencies recommended against granting him bail. Choksi was apprehended in Belgium in April 2025, following a CBI extradition request. A detailed hearing concerning Choksi’s extradition is scheduled for mid-September in a Belgian court. The CBI is assisting the Belgian prosecution in building a strong legal case for his return to India. Mehul Choksi, 66, is the owner of the Gitanjali Group and is accused of defrauding PNB’s Mumbai Brady House branch of 13,000 crore rupees, allegedly in collusion with his nephew, Nirav Modi. The alleged fraud involved fraudulent letters of undertaking and bank officials, forming what is considered one of India’s biggest banking scams. India is closely watching Choksi’s extradition proceedings. Choksi has been avoiding Indian authorities, initially fleeing to Antigua, and later utilizing legal means to evade extradition. The recent decision by the Belgian court is viewed positively in India, potentially paving the way for an easier extradition process.
